Facts and Figures of Maintaining a Home

Posted by Tim Baker on October 15, 2018 at 7:35 AM

During a Home Transition, there are many costs to consider.For most Americans, their home is their largest asset, and also their largest expense. There are many nuances that factor into a late-life move, and many times families find themselves overwhelmed and short on time and resources. Hiring a professional to guide and plan the process not only eliminates stress but extra expenses as well, allowing the family to take advantage of their largest asset - the home.

Costs to Maintain Average American Home

According to financial experts for GoBankingRate, "owning a home doesn’t end with your mortgage loan... you must add maintenance into your budget, which might cost you an additional $1,204 a month, or $14,448 annually" as a result of seven recurring monthly costs.

Average Timing

According to A Place for Mom, it takes the average family 4-12 months to prepare for a move to senior living. In addition, 50% of families live in other states causing additional time and expense to be able to get in town to take care of the project.

The cost to maintain a home during that time is $4,816 to $14,448

Caring Transitions can take care of the downsizing, floor-planning, packing and unpacking in 1-2 weeks

It can take the average family 9-18 months to take care of the possessions left in the home and get the home cleaned out.

Cost to maintain the home during that time can be $10,836 to $21,672

Caring Transitions can liquidate the home via an estate sale or online estate auction and have the house cleaned out in 2-3 weeks

Is it time to move?

Hiring a professional to guide and plan the process can eliminate stress and expenses.